New Stablecoins Trading at a Premium

A host of USD-backed stablecoins have entered the market recently, with Gemini (GUSD), Paxos (PAX) and Circle (USDC) issuing tokens. However, unlike Tether (USDT), the widely used stablecoin in the industry at the moment, these tokens are regulated by the New York Department of Financial Services.

USDT is well-known for resisting calls for auditing its USD reserves, while each of the new stablecoins have monthly audits available for investors.

Crypto users seem to be more interested in the new tokens, as most exchanges are trading them at a premium price, while USDT fell to about $0.95 at times.